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What’s in the Crypto Nutshell Portfolio?

BREAKING: Crypto Prices Rise as Trump Announces ‘At Least’ $2K Tariff Dividend Per American

President Trump just reignited the stimulus era…

In a Truth Social post, he announced a “tariff dividend” of at least $2,000 per American, excluding high-income earners - and markets instantly reacted.

Bitcoin jumped 2.6% to $105K. Ethereum surged 5.2% to $3,600.

Liquidity is officially back on the menu.

“Stocks and Bitcoin only know to go higher in response to stimulus” said analyst Anthony Pompliano.

But this one’s different.

According to The Kobeissi Letter, over 220 million Americans could qualify under 2021 income limits - that’s roughly $440 billion in payouts.

That would make it the largest stimulus in history, landing as U.S. debt nears $40 trillion.

Stimulus during a crash makes sense.

Stimulus at market highs? That’s gasoline on the fire.

August brought in a record $30 billion in tariff revenue.

But against a $345 billion monthly deficit, tariffs are plugging barely 10% of shortfalls.

And that’s assuming the plan even survives.

The Supreme Court is reviewing Trump’s tariff authority, with prediction markets giving it just a ~22% chance of approval.

Even if it passes, after adjusting for inflation and weaker tax receipts, net tariff revenue is closer to $90 billion - a fraction of what’s needed.

Still, the message is clear: fiscal stimulus is back on the table.

Even if the checks never arrive, the expectation of liquidity alone is enough to lift risk assets. In crypto, price reacts long before policy does.

As Lyn Alden always says…

Nothing stops this train. 🚂

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So Trump wants to hand out $2,000 stimulus checks to Americans (excluding high-income earners).

The big question is - where’s that money going to end up?

According to Jeff Park there’s only one real answer:

Crypto.

Following the Stimulus Check news, Bitwise CIO Jeff Park couldn’t resist firing off a cheeky tweet:

And he’s not wrong.

The last time Americans got stimulus checks - April 2020 - Bitcoin was trading around $6,800.

By the time it topped in November 2021, it had exploded more than 800% to nearly $69,000.

A lot of that cash found its way straight into crypto.

So when Park says “follow Gen Z,” he’s hinting at the same pattern: fresh liquidity, bored investors, and easy on-ramps.

Only this time, there’s way more infrastructure - ETFs, crypto treasuries, and institutional rails already in place.

If those checks hit, it’s not just households getting a boost - it’s Bitcoin’s demand curve lighting up again.

Stimulus + Gen Z = bullish liquidity.

And as history shows, when new money shows up… crypto doesn’t wait long to react. 👀

Time for a check-in on the Long/Short-Term Holder Threshold.

Here’s how this metric works:

This metric is powerful because it shows exactly what price range long and short term holders bought their Bitcoin at. 🔍

The new key cutoff date is June 7, 2025 - when Bitcoin was trading at around $106K.

Anything bought before that? Long-term (LTH).
After? Short-term (STH).

Here’s the breakdown:

Over the past three months, long-term holders have unloaded 159,677 BTC - worth about $16.7 billion at today’s prices.

When you look at it that way, it’s remarkable Bitcoin is still holding above $100K.

But zoom out…

Over 70% of all Bitcoin remains locked in long-term hands.

That’s not weakness - that’s conviction. The base is solid. The supply is tight.

And when conviction meets scarcity... price doesn’t drift. It erupts. 💥

Why BlackRock remains bullish on Bitcoin despite recent price slowdown. BlackRock views Bitcoin volatility as a cost of exposure, not a flaw, seeing value in network growth and adoption.

Ledger eyes NY listing as revenue hits triple-digit millions amid surge in hacks. Ledger is considering a US listing as CEO Pascal Gauthier says rising cyberattacks and Bitcoin custody worth $100 billion are fueling record demand for its crypto wallets.

CFTC’s Pham Moves to Launch Spot Crypto Trading Without Congress. The CFTC's interim boss, Caroline Pham, is said to be personally guiding exchanges on launching compliant products as she also overhauls the agency.

U.S. spot bitcoin ETFs see largest daily outflow since August as BTC price hovers around $100,000. Meanwhile, the recently-launched U.S. spot Solana ETFs have logged their ninth straight trading day of net positive inflows.

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Because what would the crypto world be without its share of memes?

Trivia Answer: Block rewards and transaction fees 🥳

Miners earn newly minted BTC and transaction fees for securing the network. ⛏️💰

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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.